Operation of payment systems on 6 April 2007
With the introduction of the euro, Slovenian credit institutions (henceforth referred to as banks) and the Bank of Slovenia joined the TARGET system, via which both domestic and cross-border payments are made. Joining the TARGET system means that the Bank of Slovenia has stopped operating its own real-time settlement system for large-value payments.
The TARGET system’s rules of operation are set out by an ECB guideline, and define the system’s schedule of operations. This schedule sets out the days when the TARGET system does not operate, in addition to Saturdays and Sundays: New Year’s Day, Good Friday, Easter Monday, International Labour Day, Christmas Day and Independence Day, a total of six days in the year. None of these days is a settlement day on the European money market, and cross-border payments in euros are thus not executed. The majority of the days when the TARGET system is not operating coincide with public holidays in Slovenia. The exception is Good Friday, which is a normal working day in Slovenia.
There can be no execution and settlement of large-value interbank payments on this day, which consequently means in addition that the Giro Clearing system for low-value interbank payments is also unable to operate on this day. Net liabilities and claims are settled in the TARGET system, and payments in the Giro Clearing system cannot therefore be finalised.
Banks will be working on this day, and can accept payments, but will not be able to execute them on the same day. These payments will be executed on the next working day, as happens on Saturdays. Banks are obliged to inform their customers of the details relating to the non-operation of interbank payments in Slovenia and cross-border interbank payments on Friday, 6 April 2007, and of the consequences for users of payment services in respect of the deadlines for meeting their obligations.